Five Below, Inc.
Five Below Appoints Interim Leadership and Approves Executive Retention Awards
Summary
Five Below, Inc. announced the appointment of Kenneth Bull as Interim President & CEO and Thomas Vellios as Interim Executive Chairman effective July 16, 2024. To retain key employees, the Board and Compensation Committee approved a retention program, which includes special retention awards and base salary adjustments for several executives. These awards are valued at $1.5 million each and consist of both cash and equity components. Additionally, a special performance-based restricted stock unit award was granted to Michael Romanko, the Chief Merchandising Officer.
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About Five Below, Inc.
Five Below, Inc. is a specialty discount retailer that offers a diverse range of products primarily aimed at tweens, teens, and young adults, all at affordable prices ranging typically from $1 to $5. Its primary function is to provide a fun shopping experience with an ever-changing product assortment, which includes items such as toys, tech accessories, games, fitness goods, and home décor. The company plays a pivotal role in the retail sector, particularly focusing on value-driven merchandising and the expectation of fun bargains, impacting consumer spending habits, especially among younger demographics. Founded in 2002 and headquartered in Philadelphia, Pennsylvania, Five Below has expanded rapidly across the United States, strategically placing stores in high-traffic locations like strip malls and shopping centers. This positions Five Below as a significant player in the discount retail market, appealing to cost-conscious consumers with its unique and dynamic shopping environment.
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